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EUR/USD Declines for the First Day in 6 after Housing Improves in U.S.

March 17, 2009 by

EUR/USD unexpectedly declined for the first day in six after the housing report that was released in U.S. today showed that the American economy will probably be one of the first to recover from the crisis. The euro declined against the dollar in spite of the PPI report that disappointed the USD bulls. EUR/USD is now trading near 1.2954.

Building permits were at a seasonally adjusted annual rate of 547k in February — that’s more than 531k in January and 500k estimated for the month being reported. Housing starts rose sharply from 477k (revised up from 466k) to 583k in February, while they were expected to decline to 450k. That was the first positive monthly change for both of those values since June 2008.

Producer Price Index (PPI) rose by 0.1% in February, following 0.8% increase in January and 0.4% estimate for the last month.

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